social security . who gets benefits from social security? 58 million people
TRANSCRIPT
Social Securitywww.socialsecurity.gov
8.9 million Disabled Workers and 2.1 million Dependents
4.3 million Widows/Widowers
1.9 million Children of Deceased Workers
37.9 million Retired Workers and 2.9 million Dependents
Who Gets Benefits from Social Security?
58 million people
Social Security Trust Funds Will Be Able to Pay Only About 77 Cents for Each Dollar
of Scheduled Benefits after 2033
Calendar Year2013
20152017
20192021
20232025
20272029
20312033
($0.50)
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00 T
rill
ions
of
Con
stan
t 20
13 D
ol-
lars
Social Security Credits
$1,200 per Credit
Maximum 4 credits per year
How Do You Qualify for Retirement Benefits?
Your Age at the Time You Elect Retirement Benefits Affects the Amount
At age 62Full Retirement AgeDelayed Retirement Credits
In Addition to the Retiree,Who Else Can Get Benefits?
•Your Child
•Your Spouse • Your Ex Spouse
How much can they get?
Who Can Get Survivors Benefits?
Your Child if:
Not married under age 18 (under 19 if still in high school)
Not married and disabled before age 22
Widow or Widower:
Full benefits at full retirement age
Reduced benefits at age 60
If disabled as early as age 50
At any age if caring for child under 16 or disabled
Remarriage after age 60 (50 if disabled)
Divorced widows/widowers may qualify
How Social Security Determines Your Benefit
Social Security benefits are based on earnings
Step 1 -Your wages are adjusted for changes in wage levels over time
Step 2 -Find the monthly average of your 35 highestearnings years
Step 3 -Result is “average indexed monthly earnings”
8
Use the Retirement Estimator
www.socialsecurity.gov/estimator
Convenient, secure, and quick financial planning tool
Immediate and accurate benefit estimates
Lets you create “What if” scenarios based on different ages and earnings
Windfall Elimination ProvisionAnd
Government Pension Offset
10
Exception to the Windfall Elimination Provision
Our Online WEP calculator allows you to estimate your Social Security benefit.
Years of Social Security Coverage
% of First Factor in Benefit Formula
30 or more 9029 8528 8027 7526 7025 6524 6023 5522 5021 45
20 or fewer 40
You Can Work & Still Receive Benefits
Note: If some of your retirement benefits are withheld because of your earnings, your benefits will be increased starting at your full retirement age to take into account those months in which benefits were withheld.
If You Are You Can Make Up ToIf You Make More, Some Benefits Will
Be Withheld
Under Full Retirement Age
$15,480/yr. ($1,290/mo.) $1 for every $2
The Year Full Retirement Age
is Reached
$41,400/yr. ($3,450/mo.) $1 for every $3
Month of Full Retirement Age
and AboveNo Limit No Limit
Social Security’s Disability Definition:
A medical condition or combination of impairments preventing substantial work for at least 12 months, or
expected to result in death. The determination also considers age, education & work experience.
Who Can Get Disability Benefits?
Worker Must have paid into Social Security five out of last 10 years
For younger workers, under age 31 less work is required
Who Can Get Disability Benefits?
Worker Must have paid into Social Security five out of last 10 years
For younger workers, under age 31 less work is required
65 & older-or-
24 months after entitlement to Social Security disability benefits
-or-Amyotrophic Lateral Sclerosis
-or-Permanent kidney failure and receive maintenance dialysis or a
kidney transplant-or-
Exposure to Environmental Health Hazards
Who Can Get Medicare ?
When Can I Sign Up for Medicare Part B?
Initial – at age 65Special – if still workingGeneral – January-March
Medicare Enrollment Periods:
17
Medicare Has Four Parts
Part A - Hospital Insurance Covers most inpatient hospital expenses 2014 deductible $1,216
Part B - Medical Insurance Covers 80% doctor bills & other outpatient medical expenses after 1st $147
in approved charges 2014 standard monthly premium $104.90
Part C – Medicare Advantage Plans
Part D – Medicare Prescription Drug Coverage
Your Online Account ... Your Control ... socialsecurity.gov/myaccount
my Social Security is an easy-to-access, easy-to-use portal to view and update some of your own Social Security information.
my Social Security
• Valid E-mail address;• Social Security number; and• U.S. mailing address.
Who Can Open amy Social Security Account?
You must be at least 18 years old and have a: